South Korea's current account surplus narrows in April

29 May 2013 08:29  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s current account surplus narrowed in April from a four-month high in March amid a dip in exports to key trading partners, the Bank of Korea (BOK) said on Wednesday.

The surplus fell to $3.97bn (€3.1bn) in April from a revised $4.93bn a month earlier, the central bank said in a statement. The country posted a surplus of $1.73bn in April 2012.

The gain in April marks the 15th consecutive month of a current account surplus for South Korea.

The country’s exports were up by 3.8% year on year at $47.6bn in April after growing by 1.1% in March this year, the BOK said.

Overall imports slipped by 0.2% to $44bn in April, after falling by 1.6% in the previous month, it added.

For the first 20 days of April, South Korea’s exports of petrochemicals were up by 13.1% year on year at $4.24bn, “owing to greater production capacity and a low base effect”,  according to an earlier report by the Ministry of Knowledge Economy (MKE).

Overall shipments of petroleum products fell by 11.3% to $3.81bn in April, while automobile exports were down by 2.4% at $4.07bn, according to the MKE.

Exports of ethylene fell by 90% year on year to 122,342 tonnes in April, while shipments of propylene was up by 13% at 95,181 tonnes (see table below), according to data from the Korea International Trade Association (KITA) posted on its website earlier this month.

Overseas shipments of paraxylene (PX) were up by 50% year on year at 258,116 tonnes while exports of methyl methacrylate (MMA) were down by 82% at 289 tonnes, the KITA data showed.

With additional reporting by Yaw Min Jie

($1 = €0.78)

Table: Figures of petrochemicals exports in South Korea

PRODUCT

April '13

April '12

YoY Difference

% Change
YoY

Ethylene

122,342

64,335

58,007

90.16

Benzene

99,450

128,385

-28,935

-22.54

Polypropylene

98,488

74,080

24,408

32.95

Polyethylene

115,741

88,779

26,962

30.37

LLDPE

34,751

35,351

-600

-1.70

LDPE

30,610

21,045

9,565

45.45

HDPE

115,741

88,779

26,962

30.37

Toluene

103,682

94,591

9,091

9.61

Propylene

95,181

84,437

10,744

12.72

Butadiene Rubber

30,011

27,574

2,437

8.84

Buta-1,3-diene and isoprene

24,172

20,059

4,113

20.50

Styrene

92,944

85,365

7,579

8.88

Paraxylene

258,116

171,699

86,417

50.33

PET

54,807

25,602

29,205

114.07

Mixed Xylene Isomers

53,143

25,062

-28,081

112.05

PTA

257,025

268,876

11,851

-4.41

MMA

289

1,624

-1,335

-82.20

PMMA

11,331

11,149

182

1.63

Orthoxylene

8,852

14,049

-5,197

-36.99

Expansible polystyrene

17,275

13,503

3,772

27.93

Acrylonitrile

23,471

18,808

4,663

24.79

Polycarbonate

36,513

33,784

2,729

8.08

Ethyl Acetate

1,007

1,213

-206

-16.98

Vinyl Acetate Monomer

1,820

7,312

-5,492

-75.11

Paraffin Wax (slack wax and scale wax)

517

879

-362

-41.18

P-wax with less than 0.75%

4

41

-37

-90.24

PVC (not mixed with other substances)

64,777

58,223

6,554

11.26

PVC (non-plasticised)

35

180

-145

80.56

PVC (plasticised)

2,303

2,482

-179

-7.21

PVC (In aqueous dispersion)

4,400

72,080

-67,680

-93.90

Source: KITA


By: Nurluqman Suratman



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